PetroChina

So.Buracos WorldWatch analyst has verified that PetroChina Co. trading in Shanghai, have become the world's first company to be valued at $1 trillion, larger than the entire Russian stock market.

PetroChina state-owned oil producer has now a greater market value than Exxon Mobil Corp. and General Electric Co. combined.

This makes PetroChina shares four times more expensive than those of Exxon, even though China's biggest oil producer has a quarter of the revenue. China's stock market was valued at less than $1.1 trillion before tripling this year and giving the communist nation five of the world's 10 biggest companies. The oil producer's Shanghai listing pushes China's stock market beyond the U.K. as the world's third-largest. PetroChina trades at 55 times earnings, four times Exxon's ratio of 13 times earnings and near the 58 times for Google Inc., the world's most-used Internet search engine.

In the New York Stock Exchange Exxon is worth $488 billion..

China's largest oil and gas producer had 20.5 billion barrels of oil and gas reserves in 2006, compared with 22.1 billion for Irving, Texas-based Exxon, PetroChina has been adding new reserves at an average annual rate of 5 percent for the past three years, a faster pace than Exxon, Royal Dutch Shell Plc and BP Plc, the world's largest oil companies by sales.

The other Chinese companies that rank among the world's 10 largest by market value are China Petroleum, known as Sinopec, China Mobile Ltd., Industrial & Commercial Bank of China Ltd. and China Construction Bank Corp.

Perhaps Europe and the rest of the world should have a look at this situation, learn and investigate...its time the West "copied " Chinese ideas....